Big Tobacco Invests in Cannabis

A subsidiary of tobacco giant Imperial Brands announced in late June that it had joined with seed investment firm Casa Verde, which is backed by rap musician Snoop Dogg, to invest in British medical marijuana research firm Oxford Cannabinoid Technologies (OCT).

Casa Verde’s US$10 million investment is one of Oxford Cannabinoid Technologies’ largest to date. It is also one of Casa Verde’s largest investments, given that the venture capital firm tends to offer US$1-3 million to seed companies in the ancillary cannabis space. Imperial Brands’ stake has not been disclosed.

OCT has also received backing from British actor Patrick Stewart, an advocate of medical marijuana research in the UK and who plans to serve on OCT’s advisory board. OCT will be focused on developing and researching cannabinoids that can be used to treat specific ailments.